Outsourcing aspects of your business can help you focus on what you do best.
Here are six areas where you should consider letting another company handle elements of your business.
Instead of building your own plant facility, get your product into the marketplace much quicker by outsourcing the manufacturing process. Many U.S. companies use companies in China, but you can also find plants in North America.
Accounting and finance
You may not be big enough to have a full-time CFO, but you should consider outsourcing your accounting to a company that has qualified people to manage your books. You’ll get experience without having to keep someone on staff full-time.
Outsourcing IT can save you a lot of money. Instead of investing in salary for a full-time IT person, get someone on board to set up your technology department and cloud applications. As you grow, you’ll be more prepared to upsize.
The fixed costs of an office can be significant. You might consider a shared or virtual office where you have administrative support for answering the phone and access to office equipment. You don’t pay utilities, security or rent, just a monthly fee for the services you need.
The HR department may seem superfluous if you only have a few employees but consider how much time you spend handling HR duties. Benefits, like health insurance and retirement plans, take considerable time to research. Outsourcing the HR department can help you retain employees without spending a big portion of your profits on salary.
Sales and Marketing
The marketing industry changes annually. Outsourcing website management and social media marketing can save you hours of time and a lot of money. Consider how much you spend on marketing each year, including your time.
Contact 5 Star Funding Group for financing options to help your business to grow.